West Africa economic bloc agrees changes to CFA franc with France - Ivorian president

The West African Economic and Monetary Union has reached an agreement with France to make changes to the CFA franc, Ivorian President Alassane Ouattara said on Saturday, in a historic shift away from the former colonial power.

Under the agreement, the currency remains pegged to the euro and will be renamed ECO. It also scraps a requirement for countries to keep 50% of reserves in the French treasury and the need for a French representative on the currency union's board.